PART 5Amendments to other secondary legislation

The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013189.

(1)

Article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 M1 (dealing in investments as principal: designation by the PRA) is amended as follows.

(2)

In paragraph (2) M2—

(a)

at the end of sub-paragraph (a) insert “ or ”;

(b)

omit sub-paragraph (c) and the preceding “or”.

(3)

In paragraph (3) M3—

(a)

for sub-paragraph (a) M4 substitute—

“(a)

is an investment firm that is required to have initial capital of 730,000 euro or would be required to do so if it had a Part 4A permission;”;

(b)

for sub-paragraph (c) substitute—

“(c)

is established in a country other than the United Kingdom but would meet the requirement specified in sub-paragraph (a) if P were established in the United Kingdom and had obtained the necessary authorisation in the United Kingdom for its business.”.